Whitehaven Coal has cut its coal production outlook for 2020, while raising its cost forecast, as the company faces labour issues at its Maules Creek operations and drought conditions in NSW.
Australia's biggest independent coal miner cut its managed run of mine coal production expectations for the full year to a range of 20 to 22 metric tonnes from a range of 22 to 23.5 metric tonnes.
Whitehaven also raised unit cost forecast - excluding royalties - for the period to between $73 and $75 per tonne from $70 per tonne estimated previously.
Shares in the company dived by as much as 10 per cent to a new 28-month low of $2.70 in the first 15 minutes of trade on Thursday.
Whitehaven shares were still six per cent lower at $2.82 by 1041 AEDT.
The company said challenges in sourcing skilled operators for Maules Creek, its largest operation, contributed to unanticipated productivity losses.
It said production at Maules Creek in NSW has also been affected by smoke, dust and haze due to ongoing severe drought conditions.
Its outlook also incorporates "expectation of further disruptions at the project during the summer months", the company said in its statement.